What exactly are the debt collection hours?

浏览量3,740

My father has been running a small to medium-sized business for over 20 years. Given his age, he's considering transferring the company to me through lifetime gifting rather than inheritance. However, I've heard that the gift tax burden is significant when receiving family business shares as a gift, so I'm worried. I'd like to know specifically whether I can apply the taxation special case system and what the requirements are.

debt collection hours

相关咨询的解答

作者: 정찬우

Debt collection hours are clearly limited under the Act on Fair Debt Collection Practices, and violations are subject to punishment as illegal collection.

The most important standard is that visits must only be made during hours that do not infringe on the debtor's peaceful life.

The exact time is from 8 AM to 9 PM, and visits outside these hours are considered illegal collection unless there is a legitimate reason.

If this is violated and causes fear or anxiety to the other party, severely harming their privacy or peaceful conduct of business, under the Debt Collection Act, imprisonment of up to 3 years or a fine of up to 30 million won may be imposed.

Also, even within legal hours, the following acts may constitute illegal collection.

▷ Acts of telling false facts to third parties other than the debtor

▷ Acts of forcing the debtor to repay even by borrowing money

▷ Acts of demanding repayment from third parties who have no obligation to repay

▷ Acts of disclosing debt details in front of many people at workplaces, residences, etc.

If you commit such acts, you may be punished with up to 3 years imprisonment or a fine of up to 30 million won for violation of the Debt Collection Act.

Therefore, even from the perspective of you as the creditor, collection must be conducted only within the legally permitted debt collection hours and scope, and violating the time or collecting in an unlawful manner may instead result in bearing criminal responsibility.